PHOENIX, Ariz. -- Congress can’t agree on how to cut the nation’s $1.2 trillion deficit, which is now more than 140% of the nation's gross annual economic output.

Paying that down – and getting any serious economic growth -- will be “pretty daunting,’’ said Robert D. Arnott, chairman and founder of Research Affiliates, a Newport Beach, Calif.-based investment management firm. Because of demographics. Because post-war Baby Boomers will be retiring in droves.

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